The US Department of Agriculture has announced an extension of the moratoriums on evictions and foreclosures on USDA direct and guaranteed loans for single-family housing until June 30, 2021. The actions announced today will bring relief to residents of rural America who have home loans through the USDA.
“The USDA recognizes that the COVID-19 pandemic has triggered an almost unprecedented housing affordability crisis in the United States. This is why USDA is taking this important step today to extend assistance to the hundreds of thousands of individuals and families with USDA single-family housing loans, ”USDA Deputy Under Secretary told rural development, Justin Maxson. “Although today’s actions are an important step for them, we need to do more. The Biden administration is working closely with Congress to pass the US bailout to take more robust and aggressive action to bring further relief to American families and individuals affected by the pandemic. ”
A recent Census Bureau survey showed that 8.2 million homeowners are currently behind on mortgage payments, and of those 8.2 million, 3 million homeowners behind on payments were black or Hispanic.
This effort underscores USDA’s commitment to providing relief and assistance to farmers, families and communities across the country who are in financial difficulty due to the coronavirus pandemic. In January, the USDA took action to provide relief to more than 12,000 distressed USDA farm loan borrowers by temporarily suspending overdue debt collections, foreclosures, non-judicial foreclosures, debt set-offs, or debt settlements. wage garnishments, etc. Learn more at the following link: USDA Temporarily Suspends Debt Collections, Foreclosures, And Other Farm Loan Activity For Several Thousands Of Borrowers In Trouble Due To Coronavirus.
Visit www.rd.usda.gov/coronavirus for more information on USDA’s rural development COVID-19 relief efforts, application deadline extensions, and more. USDA Rural Development will keep our clients, partners and stakeholders informed on an ongoing basis as additional steps are taken to bring relief and development to rural America.
Owners and tenants can also visit consumerfinance.gov/housing for up-to-date information on their relief options, protections, and key timelines from the USDA, Department of Housing and Urban Development, Department of Veterans Affairs, Federal Housing Finance Agency, and Consumer Financial Protection Office.